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Aerospace Fasteners Market Poised for Steady Growth Reaching USD 7.74 Billion by 2030 and also it is Fastening the Future
Aerospace Fasteners Market
The Aerospace Fasteners Market is expected to register a CAGR of 7.07% from 2023 to 2030 and hold a value of over USD 7.74 billion by 2030.
The Aerospace Fasteners Market refers to the global market for various types of fasteners that are used in the aerospace industry for a wide range of applications, including aircraft assembly, maintenance, repair, and other related operations. Aerospace fasteners are essential components used in the construction of various aircraft and spacecraft, ranging from small private planes to large commercial airliners and military fighter jets.
The aerospace fasteners market is an important part of the broader aerospace industry, which includes the design, manufacture, and maintenance of aircraft and spacecraft. The market is driven by factors such as the growth in air travel, the increasing demand for military aircraft, and the increasing use of lightweight materials in aircraft construction.
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The COVID-19 pandemic had a significant impact; the pandemic has caused a sharp decline in air travel and passenger demand, leading to a decrease in aircraft production and MRO activities. This, in turn, has had a negative impact on the demand for aerospace fasteners.
The pandemic has caused disruptions in supply chains, as manufacturers and suppliers have had to deal with lockdowns, travel restrictions, and other challenges. This has led to delays and shortages of certain types of fasteners, which has had a ripple effect on the industry. Some manufacturers have had to adjust their production schedules and reduce output to cope with the reduced demand.
Regional Analysis
North America is currently the largest region in the aerospace fasteners market, followed by Europe and Asia Pacific.
North America has a well-established aerospace industry, with major manufacturers such as Boeing and Lockheed Martin based in the United States. The region has a large number of airlines, a strong defense sector, and a robust MRO market, which drives demand for aerospace fasteners.
Europe is also a significant market for aerospace fasteners, with major manufacturers such as Airbus and Rolls-Royce based in the region. The region has a large number of airlines and a significant MRO market, which drives demand for fasteners.
Market Segmentation
The aerospace fasteners market has been segmented into product type, material type and end-user.
Based on the product type, the market has been segmented into nuts and bolts, rivets and screws.
Based on the material type, the market has been segmented into aluminum, alloy steel and titanium.
Based on the end-user, the market has been segmented into fuselage and control surfaces and interior.
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Key Companies in the Aerospace Fasteners Market include -
3V Fasteners Company (US)
TriMas (US)
Alcoa Corporation (US)
Arconic Inc (US)
B&B SpecialtiesInc (US)
Ho-Ho-Kus Inc (US)
TFI Aerospace (Canada)
The Boeing Company (US)
National Aerospace Fasteners Corporation (Taiwan)
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Industry Developments -
August 2021
National Aerospace Fasteners Company (NAFCO) has been designated as a qualified aerospace forging supplier by Safran Aircraft Engines. For use in aviation equipment, NAFCO has experience producing high-temperature superalloys composed of iron, cobalt, and nickel.
February 2020
The California Associated Products (CAP) Cleco temporary fastener product company was sold by Wetmore Tool and Engineering, a Sandvik Machining Solutions subsidiary, to HC Merchandisers Inc.'s division HC Pacific.
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